There’s common belief among homeowners that home addition is expensive. This is understandable considering the fact that a home addition project can cost tens of thousands, and even hundreds of thousands of dollars. This is why a lot of homeowners forget about or postpone home remodeling. They’ve considered it in the past but once they’ve received a quote as to how much these projects cost, they give up their dreams of having a bigger home and nicer home.
Average Job Costs of Popular Home Addition Ideas
Here are some of the most popular home addition ideas along with their average corresponding job cost to give you an idea if home addition is expensive:
Two-story addition ($161,925)
Family room addition ($84,201)
Garage addition ($52,382)
Bathroom addition ($39,578)
Based on this list, it’s safe to assume that yes, the addition of a new room or space to your home is expensive. However, don’t make the mistake that a lot of homeowners are making and completely disregard how these home additions can help you.
How Home Additions Help
The mere fact that they’re additions will tell you that they’re very helpful. Basically, you’re adding a useful room or space to your home which is helpful if you need an additional room or space.
For example, can you imagine the amount of space that you and your family will have with a two-story addition? On the other hand, having a family room will be good for the whole family because it’s an additional living area that will be very popular among the family members. A garage addition may be needed if you buy another car. Last but not the least, having a bathroom added will solve the problem of fights in the morning as to who get to use the bathroom first.
They Increase Your Home’s Resale Value
Not a lot of homeowners understand how much these home additions add to the resale value of their home. Look at these numbers and understand that you’ll be able to recoup a good part of your investment. In parenthesis is the amount that’s added on average to your home’s resale value:
Two-story addition ($103,848)
Family room addition ($53,955)
Garage addition ($33,938)
Bathroom addition ($22,875)
Obviously, you won’t be able to recoup all of your investment. However, these numbers show you that you can recoup a good part of your investment when you do decide to sell your home. That’s just an added bonus. The main benefit is you get to benefit from these home additions once they’re done. After all, isn’t that what you’re looking for?
The fact that they add to your home’s resale value is just a bonus and somehow lowers the cost of the investment. For example, one way of looking at the cost of a two-story addition is it’s just going to cost you around $60,000 if you’re going to consider how much it’s going to add to your home’s resale value.
Check out this infographic for other home improvement ideas that add to your home’s resale value.
This is some great information, and I appreciate your point that a family room addition can have a sixty-four percent cost recoup. My husband and I have been talking about adding some extra space to our house, but we want to make sure that it would be a worthwhile investment. It would be great to have a new area for a family room, and it would significantly improve our house’s value, so we’ll definitely look into it. Thanks for the great post!